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OSU football: Hedge fund hit sets back facility

By Andrea Cohen Published: August 13, 2008
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STILLWATER — Oklahoma State's Oct. 1 target date to start construction on an indoor practice facility will likely be pushed back, OSU athletic director Mike Holder said.

Holder gave the tentative date in June and said earlier this week that he does not have a new target date. The reason for the date being pushed back?

"Have you seen the price of oil?” Holder asked rhetorically.

The price of oil is significant because the facility — along with all of Oklahoma State's other planned athletic facility upgrades — will be built with money borrowed against the money that exists in Boone Pickens' hedge fund, which includes Pickens' 2006 donation of $165 million.

So when oil took a hit at the beginning of the third quarter, so did the fund. Holder said Pickens only releases quarterly reports and has not made anything public after the second quarter, so it is not possible to know how much money is currently in the fund.

"Nothing has changed,” Holder said. "It's always been in the hands of Boone Pickens.

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OSU athletic director Mike Holder said he does not have a new target date. BY CHRIS LANDSBERGER, THE OKLAHOMAN

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